UAPF JSC (hereinafter - UAPF) presents a report on the management of pension assets by the National Bank of the Republic of Kazakhstan (hereinafter - NBK) and investment portfolio managers (hereinafter - UIP) on the enpf website.kz in the section "Indicators - Investment activity".
The total amount of pension assets as of February 1, 2024 amounted to more than KZT 18,107.8 billion. As of February 1, 2024, pension assets[1] (hereinafter - PA) of the UAPF, held in trust by the NBK, amounted to KZT 18,073.5 billion[2]. The amount of mandatory pension contributions of the employer (hereinafter referred to as OPVR) held in trust by the NBK is more than 766.7 million tenge.
Pension assets under the management of the UIP amounted to more than 34.3 billion tenge.
Investment portfolio of pension assets managed by the NBK
The main investment directions of the NBRK pension assets as of February 1, 2024 are as follows: government securities of the Ministry of Finance of the Republic of Kazakhstan – 46.8%, bonds of quasi–state companies – 10%, deposits of the NBRK -3.9%, bonds and deposits of second–tier banks of the Republic of Kazakhstan - 5.8%, MFOs - 2%, shares and depositary receipts of issuers of the Republic of Kazakhstan – 1.9%.
As of February 1, 2024, the investment portfolio in the context of currencies into which financial instruments purchased at the expense of pension assets are denominated looks like this: investments in national currency – 68.4%, in US dollars – 31.6% of the portfolio of pension assets.
From the analysis of the structure of the income received, it follows that income in the form of remuneration on securities, including on placed deposits and reverse REPO operations and from the market revaluation of securities, amounted to 93.4 billion tenge, on assets under external management – about 64.8 billion tenge, other income – 0.04 billion tenge. The revaluation of foreign currency was negative and amounted to 45.6 billion tenge.
Due to the diversification of the investment portfolio of pension assets by instruments, industries and currencies, the total income for January 2024 is positive.
As a result of investment activities, as well as due to the volatility of foreign exchange rates and changes in the market value of financial instruments, the amount of accrued investment income in January 2024 amounted to about 112.6 billion tenge, which exceeds the indicator of the same period last year by 70% or 46.4 billion tenge.
The profitability of the pension assets of the UAPF, distributed to the accounts of depositors (recipients), amounted to 0.61% in January 2024.
Recall that in the medium and long term, a positive real (exceeding accumulated inflation) return on pension savings is ensured.
The detailed structure of the investment portfolio of financial instruments managed by the NBK, indicating the issuers and an overview of investment activities are posted on the official website of the UAPF. Also on the enpf website.kz contains information on the structure of the portfolio of pension assets formed at the expense of the pension fund.
Investment Portfolio Managers
The total amount of pension assets managed by the UIP is more than 34.3 billion tenge.
As of 01.02.2024, pension assets held in trust by JSC "Jusan Invest" amounted to more than 6.3 billion tenge.
The main investments of the company are: State securities of the Ministry of Finance of the Republic of Kazakhstan – 42%, shares of Exchange Traded Funds (ETFs) – 21.2%, REPO – 12%, bonds of second–tier banks of the Republic of Kazakhstan - 7%, state securities of foreign countries – 5.1% of the portfolio. It should be noted that 65.75% of the portfolio is represented in tenge, 34.25% - in US dollars.
As a result of investment activity, as well as due to the volatility of foreign exchange rates and changes in the market value of financial instruments, the amount of accrued investment income for the first month of 2024 amounted to about 26.5 million tenge. The return on pension assets was 0.38%.
The detailed structure of the investment portfolio of financial instruments managed by JSC "Jusan Invest" with the indication of issuers is presented on the UAPF website.
As of 01.02.2024, pension assets held in trust by Halyk Global Markets JSC amounted to about 3.4 billion tenge.
The main investments in the portfolio structure are as follows: "reverse REPO" (no more than 90 calendar days) – 41%, bonds of quasi–governmental organizations of the Republic of Kazakhstan – 12.6%, bonds of MFIs - 7.8%, securities with the status of state issued by central governments of foreign states – 7.4%, bonds of second-tier banks of the Republic of Kazakhstan - 6.4%, corporate bonds of foreign issuers – 6%. Investments in national currency accounted for 74.8% of the portfolio, in US dollars - 25.2%.
As a result of investment activity, the amount of accrued investment income since the beginning of the year as of February 1, 2024 amounted to about 12.5 million tenge. The return on pension assets is 0.35%.
The detailed structure of the investment portfolio of financial instruments managed by Halyk Global Markets JSC, indicating the issuers, is presented on the UAPF website.
As of 01.02.2024, the pension assets of the UAPF, which are in the trust management of BCC Invest JSC, amounted to about 3.5 billion tenge.
The main areas of investment: REPO – 34.9%, bonds of quasi–governmental organizations of the Republic of Kazakhstan – 23.5%, shares (ETFs for indices) – 16.6%, government bonds of the Republic of Kazakhstan – 14.6%, US government bonds – 4.1%, bonds of MFIs - 2.5%, corporate bonds of issuers–residents of the Republic of Kazakhstan - 2.2%, portfolios. 73.7% of the portfolio was invested in instruments in the national currency, and 26.3% in US dollars.
As a result of investment activity in the first month of 2024, the amount of accrued investment income amounted to KZT 11.1 million. The return on pension assets is 0.29%.
The detailed structure of the investment portfolio of financial instruments managed by BCC Invest JSC, indicating the issuers, is presented on the UAPF website.
As of 01.02.2024, the pension assets of the UAPF, which are in the trust management of Centras Securities JSC, amounted to about 1.1 billion tenge.
33.9% of assets were invested in the State Securities of the Ministry of Finance of the Republic of Kazakhstan, 27.5% in bonds of quasi-governmental organizations, 9.2% in REPO, 8.3% in bonds of the STB of the Republic of Kazakhstan, 8% in shares and depositary receipts issued by organizations of the Republic of Kazakhstan, 7.6% in US government bonds, 2.7% in cash on investment accounts. 75.2% of the portfolio was invested in instruments in the national currency, 22.8% in US dollars, and 1.99% in Canadian dollars.
As a result of investment activities and changes in the market value of financial instruments, the amount of accrued investment income as of February 1, 2024 since the beginning of the year amounted to KZT 11.05 million. The return on pension assets is 0.98%.
The detailed structure of the investment portfolio of financial instruments managed by Centras Securities JSC, indicating the issuers, is presented on the UAPF website.
As of February 1, 2024, pension assets held in trust by JSC "DO Halyk Finance National Bank of Kazakhstan" amounted to about 20.02 billion tenge.
The main investments in the portfolio structure look like this: "reverse REPO" (no more than 90 calendar days) - 64.6%, shares of Exchange Traded Funds (ETFs) - 7.9%, bonds of quasi-governmental organizations of the Republic of Kazakhstan – 6.7%, state securities of foreign states - 6.5%, bonds of second-tier banks of the Republic of Kazakhstan - 4%, other assets (accounts receivable, overdue debts, provisions) - 3.8%.
83.3% of the portfolio was invested in instruments in the national currency, 16.4% in US dollars, 0.3% in euros%
As a result of investment activity, the amount of accrued investment income as of February 1, 2024 since the beginning of the year amounted to KZT 124.2 million. The return on pension assets is 0.66%.
The detailed structure of the investment portfolio of financial instruments under the management of JSC "DO Halyk Finance National Bank of Kazakhstan" with the indication of issuers is presented on the UAPF website.
Recall that from July 1, 2023, depositors can transfer to trust management no more than 50% of pension savings due to mandatory pension contributions (OPV) and mandatory professional pension contributions (OPV) without taking into account the threshold of minimum sufficiency by the investment portfolio manager (IPM), choosing such a company independently. Depositors who have voluntary pension savings can transfer them to their UIP in the amount of 100%.
The UAPF was established on August 22, 2013 on the basis of JSC NPF GNPF. The founder and shareholder of the UAPF is the Government of the Republic of Kazakhstan represented by the State Property and Privatization Committee of the Ministry of Finance of the Republic of Kazakhstan. The trust management of pension assets of the UAPF is carried out by the National Bank of the Republic of Kazakhstan. Since January 1, 2016, the functions of developing proposals to improve the efficiency of pension asset management have been transferred to the National Fund Management Council. In accordance with the pension legislation, the UAPF attracts mandatory pension contributions, mandatory occupational pension contributions, voluntary pension contributions, pension payments, individual accounting of pension savings and payments, provides the depositor (recipient) with information on the status of his pension savings (for more information on www.enpf.kz )
[1] formed by mandatory pension contributions, mandatory occupational pension contributions and voluntary pension contributions
[2] excluding money in the accounts of pension contributions and payments